What is Formulary Automation/Management?
Formulary Management is a process that allows physicians, pharmacists, and other healthcare professionals to use healthcare resources to reduce overall medical costs effectively. A formulary system is an up-to-date list of medications and related products containing guidelines, clinical information for patients and healthcare professionals, dispensing information, and more.
Formulary management aims to evaluate the selection of specific medications for various diseases, conditions, and patients to ensure each patient is safely and effectively using their drugs.
Who uses Formulary Management systems?
- Medicare & Medicaid Programs
- Government Agencies
Rx Formulary Automation in Pharmacies
Pharmacies mainly use Rx Formulary Management & Automation tools to access a wide selection of brand name and generic drugs, private-label pharmaceuticals, over-the-counter medications, and surgical equipment. It provides four main benefits:
(1) Customizable formularies designed based on specific patient needs
(2) Analyze purchases that lead to better business decisions
(3) Reduces operating costs by simplifying dispensing and purchasing procedures
(4) Saves time & money by ensuring consistent compliance with EPA laws
Various types of Formulary Automation/Management software tools continue to be developed to improve patients’ and healthcare professionals’ processes to use medications safely and effectively.
MP1’s Rx Formula Manager satisfies this need by using a cloud-based platform that automatically identifies DEA-controlled substances and hazardous and non-hazardous medications and classifies each drug by waste type and disposal instructions.
The purpose of any Rx Formulary Automation/Management system is to ensure the safety of patients and help healthcare professionals maintain compliance with changing Environmental Protection Agency (EPA) laws.